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PGCB Reports $3.38 Million in Tax Revenue from First Full Year of Regulated Fantasy Contests

George Miller

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PGCB Reports $3.38 Million in Tax Revenue from First Full Year of Regulated Fantasy Contests
Photo Source: armenianweekly.com
Reading Time: 2 minutes

 

The Pennsylvania Gaming Control Board posted on its website the monthly Fantasy Contests Revenue Report which includes totals from the first full year of the Commonwealth’s collection of taxes on the play of these games.

The amount of revenue generated through the play of fantasy contests in the first 12 months of operation in Pennsylvania was $22,542,688.  That generated $3,381,403 in tax revenue for the Commonwealth.

Beginning last year, Fantasy Contest Operators in Pennsylvania were required by Act 42 of 2017 to be licensed by the Board and to pay a 15% tax on the adjusted revenues derived from Pennsylvania players.

The report on the Board’s web site, https://gamingcontrolboard.pa.gov, provides a breakdown on fees collected from the play of Pennsylvania participants, the Fantasy Contest Operators’ adjusted revenue, and tax revenue collected by the Commonwealth.

Fantasy Contests adjusted revenue and tax revenue for each of the providers for April 2019 and for the 12-month period is displayed in the following tables:

Fantasy Contests Provider

April 2019 
Fantasy Contests
Adjusted Revenue

April 2019

Fantasy Contests

State Tax Due

DraftKings

$845,553.33

$126,833.00

FanDuel

$961,867.32

$144,280.10

DRAFT

$23,348.60

$3,502.29

Yahoo Fantasy Sports

$15,864.70

$2,379.71

Sportshub Technologies

$3,627.45

$544.12

Fantasy Draft

$1,918.83

$287.82

Boom Fantasy

$371.38

$55.71

Fantasy Football Players Championship

$0.00

$0.00

Full Time Fantasy Sports

$0.00

$0.00

Total

$1,852,551.61

$277,882.75

Fantasy Contests Provider

May 2018 – April 2019 
Fantasy Contests
Adjusted Revenue

May 2018 – April 2019

Fantasy Contests

State Tax Due

DraftKings

$11,549,460

$1,732,419

FanDuel

$10,274,886

$1,541,233

DRAFT

$320,105

$48,016

Fantasy Football Players Championship

$184,932

$27,740

Sportshub Technologies

$114,812

$17,221

Fantasy Draft

$41,103

$6,165

Yahoo Fantasy Sports

$28,128

$4,219

Full Time Fantasy Sports

$16,095

$2,414

Boom Fantasy

$12,785

$1,918

FASTPICK.COM*

$381

$57

Total

$22,542,688

$3,381,403

* Withdrew as a PA Operator

 

About the Pennsylvania Gaming Control Board:

The Pennsylvania Gaming Control Board is tasked to oversee all aspects of the state’s casino industry, including sports wagering offered currently at eight locations. The oversight also includes other new gaming initiatives, expected to be launched in the coming months, which were created through Act 42 of 2017, an amendment to the Race Horse Development and Gaming Act.

The Commonwealth’s casino industry currently consists of 10 stand-alone and racetrack casinos in operation, along with the two smaller resort casinos.  These facilities collectively employ over 16,000 people and annually generate approximately $1.4 billion in tax revenue from slot machine and table games play. The largest portion of that money is used for property tax reduction to Pennsylvania homeowners.

Additional information about both the PGCB’s gaming regulatory efforts and Pennsylvania’s gaming industry can be found at gamingcontrolboard.pa.gov. You can also follow the agency on Twitter by choosing @PAGamingControl.

Source: Pennsylvania Gaming Control Board

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Gambling in the USA

Interblock Signs License Agreement with National Hockey League

George Miller

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Interblock Signs License Agreement with National Hockey League
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Electronic Tables Games Decorated with all 31 NHL Team Logos

Luxury gaming manufacturer and electronic table game (ETG) market leader Interblock® announced it has signed a license agreement with the National Hockey League (NHL ®) to incorporate League and Team logos into Stadium and standalone products.

John Connelly, CEO of Interblock commented “The historical synergy between sports and table game players made signing a deal with the NHL all the more exciting.  This collaboration will create a new portfolio of Electronic Table Games designed to attract a new type of patron to casino floors across North America. The NHL has given Interblock the ability to feature all 31 team logos in the design of our machines, where available, across North America.  Interblock will begin introducing the initial products in Q1 of 2020.

 

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Gambling in the USA

Gaming Regulators Seek Ban on Steve Wynn from Nevada Casino Industry

Niji Narayan

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Gaming Regulators Seek Ban on Steve Wynn from Nevada Casino Industry
Photo Source: axios.com
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Nevada gambling regulators have filed a complaint against Steve Wynn, saying that the casino magnate’s alleged sexual misconduct has damaged the industry’s reputation in the state. The complaint lists multiple instances of sexual misconduct allegations that have been lodged against Wynn since January 2018.

The 23-page complaint, filed to the Nevada Gaming Commission, says Wynn is “unsuitable to be associated with a gaming enterprise or the gaming industry as a whole.” Wynn has denied all misconduct allegations against him.

The move follows a $20 million fine the commission levied on Wynn’s former company in February to settle allegations that former executives failed to investigate claims of sexual misconduct against Wynn by female employees. Gambling regulators in Massachusetts levied a $35 million fine on the company in April but allowed it to keep a casino license for a Boston-area resort.

An investigation by the Nevada gaming control board detailed allegations that Wynn paid hush money to multiple women who claimed he had pressured them into nonconsensual sexual relationships.

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Gambling in the USA

Two new speakers added to Sports Betting USA roster

George Miller

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Two new speakers added to Sports Betting USA roster
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Senator Raymond Lesniak and Jamaal Lesane set to join stellar line-up

Two new speakers are to share their knowledge with delegates at next month’s Sports Betting USA conference in New York after being added to the roster.

Former New Jersey Senator Ray Lesniak and Jamaal Lesane, Senior Vice President, Legal and Business Affairs at The Madison Square Garden Company, will take to the stage on the second day the Metropolitan West.

Senator Lesniak, who was the instigator and driving force behind the legal battle that led to the repeal of PASPA, will deliver the keynote address.

Lesane is at the vanguard of venue owners looking to optimise in-stadia facilities for sports fans and will join the panel discussing the monetisation of the game day experience.

Sports Betting USA, which takes place 5-6 November and follows a one-day investor summit, will examine the opportunities and challenges of the wagering industry that has been estimated to be worth up to $150 Billion.

Event director Rory Credland believes the show, now in its third year, has a stronger line-up than ever and has become a must attend event for those with a stake in the growing market.

He added: “We’re delighted to welcome another two great speakers to Sports Betting USA and are confident they will have a lot to contribute to the exchange of knowledge.

“Senator Lesniak in particular needs no introduction and is one of the main reasons we are all gathering in New York. It will be fascinating to hear his take on the way other states can follow the lead of New Jersey in the coming months.”

Among the other highlights of this year’s show will be a presentation by New York Senator Joseph Addabbo Jr, who will share his state’s vision for sports betting as they look to include its legalisation in the 20/21 budget.

They will be joined by senior executives from leading operators, suppliers and media companies, including William Hill USA, Penn National Gaming and Sportradar, as well as representatives of sporting organisations including the NFL, NBA, NHL, MLB, MLS, PGA Tour, and NASCAR.

 

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